The meltdown of the Chinese equity market in the summer of 2015

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• 作者：Dehong Liu^a ; ^{dhliu@bjtu.edu.cn" class="auth_mail" title="E-mail the corresponding author} ; Hongmei Gu^b ; ^{nina_jlu@126.com" class="auth_mail" title="E-mail the corresponding author} ; Tiancai Xing^c ; ^{xingtiancai@126.com" class="auth_mail" title="E-mail the corresponding author}
• 关键词：Equity mispricing ; Equity risk premium
• 刊名：International Review of Economics & Finance
• 出版年：2016
• 出版时间：September 2016
• 年：2016
• 卷：45
• 期：Complete
• 页码：504-517
• 全文大小：955 K

文摘

We study the Chinese stock market crash of 2015. We find that Chinese investors overreact to the government policies that may boost the stock market. This overreaction creates the equity bubble and eventually results in the stock market crash. We also find that fiscal policies excite the equity market more than monetary policies.